Read More

In 2016 accounts now with Companies House, Orion states the further drop in sales and profits was again down to “lower levels of activity and reduced contractor rates in the oil and gas sector emanating from the fall in oil price”.

The company notes it continued to invest in “sector diversification” in the 2016 year.

Read More

A breakdown of turnover by geographical area shows the Middle East and Africa was the only region Orion saw growth in the 2016 year, up 4.1 per cent to £72.5 million.

Revenue from the UK, Orion's largest market, were down 15 per cent to £156 million and were down 28 per cent from other European countries to £10.1 million.

Sales in North America were also down 17 per cent to £24.5 million and and were down 37 per cent in Asia Pacific to £30.2 million.

Orion notes it ended the year with £19.7 million in the shareholder fund, and coupled with its “low level of gearing”, said provides the group “with the financial strength to meet the challenges of the market”.

The company notes while the oil and gas sector remains a key sector for the group, it also has a growing presence in rail, civil construction, power generation, petrochemicals, renewables and life sciences.

The group ended the 2016 year with debts totalling £45.5 million, £42 million of which falls due within one year.

Orion Engineering Services notes it employed 326 staff directly in the 2016 year, down from 367 in 2015.

In July Orion Group secured a new multi-million pound contract with Italian energy giant Eni.